Several Major Spain Projects Put on Hold

Several major real estate and construction projects have been put on hold throughout Spain as the economic downturn has hit the country hard. The City of Justice project in Madrid was recently announced as going on hold, according to British Architecture website bdonline. According to the news, a spokesman for architect Zaha Hadid, who was designing one of the 15 circular buildings due for completion by 2014, indicated that work had been halted on the entire project.

The €1.4 billion project was being designed and undertaken by some of Europe’s most prestigious architects and building firms, including Foster + Partners, Rogers Stirk Harbour + Partners, Foreign Office Architects and Zaha Hadid. FOA apparently walked away from the project in December, indicating that there wasn’t enough funding to complete it successfully.

Another Spanish project in Barcelona that has been halted is the Las Arenas Bullring redevelopment, which was being designed by Rogers Stick Harbour + Partners. The new plan was to transform the 19^th century bullring into a shopping and entertainment center and was being developed by Metrovacesa. The Spanish developer has hit financial difficulties and the future of the project remains uncertain.

Another Spanish project that is being held up is the Valencia Football Club’s new stadium. The club has come under financial pressure and the 75,000 seat stadium has now been suspended indefinitely.

Useful Resources

Property for sale in Spain

SpanishHomes4sale.co.uk

20/03/2009

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